This month’s currency changes can be attributed to political uncertainty and foreign reserves changes.
This month’s currencies have been affected by a wide variety of reasons both domestically and internationally.
Have your assignees ever asked, “The price of gas went up 20%, so why hasn’t my cost-of-living allowance (COLA) increased to match?” .
Food shortages and gas prices continue to negatively impact countries’ abilities to help their people obtain basic needs.
The U.S. Dollar has risen in value comparably to other major currencies including the GBP and EUR causing many smaller economies to be affected.
Many countries have been negatively impacted by the Russian-Ukraine conflict.
In late February 2022, Russia invaded Ukraine by means of airstrikes and infantry. This major conflict has driven several countries’ currencies to depreciate as political stability decreased in the area.
Turkey’s annual inflation has been soaring to record-high levels since the currency devaluation triggered by interest rate cuts last year.
As we review the ongoing crisis in Lebanon, our data and client engagement teams have paired up to provide information about the markets and details on how organizations are handling the challenges associated with inbound and outbound Lebanon assignments.
With the ruble falling almost 15% over the weekend, you may soon be hearing concerns about Cost of Living Adjustments (COLAs) and exchanging money from your assignees in and out of Russia.